Bitcoin Slides Below $106K as Cryptos Tumble, Nearing October Crash Lows

Market Overview - Cryptocurrencies experienced a significant decline, with Bitcoin (BTC) dropping to $105,500, down 4% in the last 24 hours and 8% over the past week [1] - Altcoins faced even larger losses, with Ether (ETH) falling below $3,600, down 7% in the last 24 hours and 14% over the past week [2] - Major altcoins such as Solana (SOL), BNB, Dogecoin (DOGE), and Cardano (ADA) saw declines between 8% and 10% [2] Derivatives Market Impact - The downturn in cryptocurrency prices led to over $1 billion in liquidated leveraged trading positions across all digital assets on Monday [2] Analyst Predictions - Despite the recent price drops, some analysts maintain bullish forecasts, with Tom Lee predicting Bitcoin could reach $200,000 by year-end and Ethereum could hit $7,000 before 2026 [3] - Lee emphasized that current fundamentals are driving crypto prices, suggesting a consolidation phase followed by a rally towards year-end [4] Company Performance - Major cryptocurrency firms saw their shares decline, with Circle (CRCL) down 7%, Gemini (GEMI) down 6%, and Coinbase (COIN) and Marathon Digital (MARA) both dropping 4% [5] - Strategy (MSTR) and Robinhood (HOOD) also experienced declines of 3% and 4%, respectively, with Robinhood set to report third-quarter earnings this week [5]